China's manufacturing output falls for 8th consecutive month

VTV.vn - Manufacturing activity in China declined for the eighth consecutive month in November.

China's manufacturing output falls for 8th consecutive month

The official Purchasing Managers' Index (PMI) for China's manufacturing sector edged up slightly from 49.0 in October to 49.2 in November, according to a survey released by the National Bureau of Statistics (NBS) on November 30. However, the index remained below the 50-point mark that separates growth from contraction. The result matched the 49.2 forecast by analysts polled by Reuters.

The figures reflect the difficulties Chinese manufacturers are facing in maintaining their recovery from the COVID-19 pandemic, a situation exacerbated by the trade war with the US, which has put additional pressure on businesses.

In addition, the PMI in the non-manufacturing sector, which includes services and construction, fell to 49.5 from 50.1 in October, the first time the index has fallen into contraction territory since December 2022.

The service sector fell below 50 for the first time since September 2024 and hit its lowest level since December 2023, as momentum from the October holiday faded, according to NBS statistics expert Huo Lihui. The business activity index for both the real estate and household services sectors fell below 50, indicating sluggish market activity. However, Huo said the service business outlook index reached 55.9, indicating that service enterprises still maintain an optimistic view on the future development of the market.

Although manufacturing and services activity continued to slow in November, Goldman Sachs economist Yuting Yang said the government may delay major support policies until the first quarter of next year, as this year's growth target looks broadly achievable. The Chinese government has set a growth target of around 5% for 2025.

Source: https://vtv.vn/san-xuat-tai-trung-quoc-giam-8-thang-lien-tiep-100251201095106535.htm